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I've never had problem with the inspector but I have to agree the stack trace is HORRIBLE. Almost unusable.

Microsofts IDE (the .net one from six years ago) had awesome debugging tools.

Definitely agree. Even VS 6 had much better debugging. As you said, the stack trace is useless in XCode 4.x

The Leaks inspector is also way off sometimes. I spent a couple of hours hunting for a leak that was nowhere near what it was pointing to.